Search form

Search form

William Brodsky, CEO at the Chicago Board Options Exchange, said that after its recent technological glitches, the exchange will postpone a software update needed for extending trading on Volatility Index futures contracts. CBOE's decision exemplifies the ways that the financial sector is struggling to modernize its technological processes, writes Steve Rosenbush. The industry needs to look toward consumer Internet companies as a model for how to achieve efficient technological outcomes, Rosenbush writes.

Related Summaries

CBOE Holdings Chairman William Brodsky says he will step down next year. Brodsky, who was CEO from 1997 through 2013, is best known for taking CBOE public in 2010. CBOE says it is considering combining the positions of chairman and CEO.

Chicago Board Options Exchange CEO Ed Tilly said during an earnings call that a low-latency trading platform called CBOE Vector is being developed. It is scheduled to go into operation in the second half of next year.

Bill Brodsky, executive chairman of CBOE Holdings, said the operator of the options exchange may someday back off from in-house regulatory functions it carries out because the Securities and Exchange Commission is stepping up its role. "The SEC has become very, very aggressive," Brodsky said. "It will cause us to examine: Do we stay in the business or do we get out? We're not at that point yet." However, he noted that CBOE, which is the only major securities exchange with a regulatory division in-house, hasn't determined a timetable for making any decision on the subject.

CBOE Holdings Executive Chairman William Brodsky says the exchange isn't interested in any mergers at the moment and that his decision to leave the CEO role had nothing to do with merger talks. "I wanted to find the right time for me to make the announcement rather than someone making the announcement for me," he said.

An appeals court in Illinois has ruled against International Securities Exchange in its effort to offer contracts on major stock-market indexes. CBOE Holdings welcomed the ruling. "We are obviously gratified that the court has ruled in CBOE's favor," said CBOE Chairman and CEO William Brodsky. ISE plans to "evaluate all of the options to determine next steps," a spokeswoman said.